Carmel Valley Auction

[socrattt]

Not sure if you guys know who is behind these auctions, but it is one of the most corrupt auction firms in the business as far as I am concerned. They are the same auction company that sends out mass fliers every few months and holds land auctions to sell parcels, many parcels that are not buildable or accessible. I went to one of these auctions about 5 years ago and someone who had been doing business with them showed me a few secrets to the air bids they are so gifted at throwing out.

At one point they were picking up lots at tax auctions for $500 and selling the lots for $20K+. That sounds a bit unethical if you ask me (In the sense that most of these people had no clue what they were buying).

Hopefully this company has cleaned up their act a bit, but by the looks of their terms and conditions it doesn’t look that way. I would be suprised to see 20% of these condos closing escrow.

I’m no genius, but it doesn’t take one to figure out the simple system of “Price them right and they will sell!!!”

[zk]

Well, it seems obvious to me what the story is with the high bidders failing ID checks, and I assume this is what you were implying:

Those bidders were the shills. They’d made a bid above the previous bid for the purpose of getting somebody else to outbid them. When nobody did, they “failed” their ID check and the unit was sold to the second highest bidder.

Really, what are the odds that a number of high bidders would have identified themselves as somebody else? That doesn’t even make sense. What buyer would do that and why? They wouldn’t. It’s a (legal) scam.

I don’t think the prices shooting up quickly has anything to do with it. I mean, when the price is below market, it’ll generally shoot up to near market value quickly even in a legitimate auction. But having multiple high bidders fail an ID check is an obvious scam. I don’t think that qualifies as a conspiracy theory so much as a blatent ploy by the auction company.

[zk]

Well, it seems obvious to me what the story is with the high bidders failing ID checks, and I assume this is what you were implying:

Those bidders were the shills. They’d made a bid above the previous bid for the purpose of getting somebody else to outbid them. When nobody did, they “failed” their ID check and the unit was sold to the second highest bidder.

Really, what are the odds that a number of high bidders would have identified themselves as somebody else? That doesn’t even make sense. What buyer would do that and why? They wouldn’t. It’s a (legal) scam.

I don’t think the prices shooting up quickly has anything to do with it. I mean, when the price is below market, it’ll generally shoot up to near market value quickly even in a legitimate auction. But having multiple high bidders fail an ID check is an obvious scam. I don’t think that qualifies as a conspiracy theory so much as a blatent ploy by the auction company.

[zk]

Well, it seems obvious to me what the story is with the high bidders failing ID checks, and I assume this is what you were implying:

Those bidders were the shills. They’d made a bid above the previous bid for the purpose of getting somebody else to outbid them. When nobody did, they “failed” their ID check and the unit was sold to the second highest bidder.

Really, what are the odds that a number of high bidders would have identified themselves as somebody else? That doesn’t even make sense. What buyer would do that and why? They wouldn’t. It’s a (legal) scam.

I don’t think the prices shooting up quickly has anything to do with it. I mean, when the price is below market, it’ll generally shoot up to near market value quickly even in a legitimate auction. But having multiple high bidders fail an ID check is an obvious scam. I don’t think that qualifies as a conspiracy theory so much as a blatent ploy by the auction company.

[zk]

Well, it seems obvious to me what the story is with the high bidders failing ID checks, and I assume this is what you were implying:

Those bidders were the shills. They’d made a bid above the previous bid for the purpose of getting somebody else to outbid them. When nobody did, they “failed” their ID check and the unit was sold to the second highest bidder.

Really, what are the odds that a number of high bidders would have identified themselves as somebody else? That doesn’t even make sense. What buyer would do that and why? They wouldn’t. It’s a (legal) scam.

I don’t think the prices shooting up quickly has anything to do with it. I mean, when the price is below market, it’ll generally shoot up to near market value quickly even in a legitimate auction. But having multiple high bidders fail an ID check is an obvious scam. I don’t think that qualifies as a conspiracy theory so much as a blatent ploy by the auction company.

[zk]

Well, it seems obvious to me what the story is with the high bidders failing ID checks, and I assume this is what you were implying:

Those bidders were the shills. They’d made a bid above the previous bid for the purpose of getting somebody else to outbid them. When nobody did, they “failed” their ID check and the unit was sold to the second highest bidder.

Really, what are the odds that a number of high bidders would have identified themselves as somebody else? That doesn’t even make sense. What buyer would do that and why? They wouldn’t. It’s a (legal) scam.

I don’t think the prices shooting up quickly has anything to do with it. I mean, when the price is below market, it’ll generally shoot up to near market value quickly even in a legitimate auction. But having multiple high bidders fail an ID check is an obvious scam. I don’t think that qualifies as a conspiracy theory so much as a blatent ploy by the auction company.

[jpinpb]

I had my doubts about REDC and that’s why I didn’t bother to go, besides the fact that it seems people always overbid at auctions. It doesn’t surprise me that they might have had people trying to bump up bids. That and their undisclosed reserve and right to cancel if it doesn’t meet what they want and the 5% commssion.

Suckers is right, anyone that attends these auctions thinking they’re getting some deal. Complete waste of time. Problem is too many fools are going for it. So expect to see more auctions by them for other complexes not selling so well.

[jpinpb]

I had my doubts about REDC and that’s why I didn’t bother to go, besides the fact that it seems people always overbid at auctions. It doesn’t surprise me that they might have had people trying to bump up bids. That and their undisclosed reserve and right to cancel if it doesn’t meet what they want and the 5% commssion.

Suckers is right, anyone that attends these auctions thinking they’re getting some deal. Complete waste of time. Problem is too many fools are going for it. So expect to see more auctions by them for other complexes not selling so well.

[jpinpb]

I had my doubts about REDC and that’s why I didn’t bother to go, besides the fact that it seems people always overbid at auctions. It doesn’t surprise me that they might have had people trying to bump up bids. That and their undisclosed reserve and right to cancel if it doesn’t meet what they want and the 5% commssion.

Suckers is right, anyone that attends these auctions thinking they’re getting some deal. Complete waste of time. Problem is too many fools are going for it. So expect to see more auctions by them for other complexes not selling so well.

[jpinpb]

I had my doubts about REDC and that’s why I didn’t bother to go, besides the fact that it seems people always overbid at auctions. It doesn’t surprise me that they might have had people trying to bump up bids. That and their undisclosed reserve and right to cancel if it doesn’t meet what they want and the 5% commssion.

Suckers is right, anyone that attends these auctions thinking they’re getting some deal. Complete waste of time. Problem is too many fools are going for it. So expect to see more auctions by them for other complexes not selling so well.

[jpinpb]

I had my doubts about REDC and that’s why I didn’t bother to go, besides the fact that it seems people always overbid at auctions. It doesn’t surprise me that they might have had people trying to bump up bids. That and their undisclosed reserve and right to cancel if it doesn’t meet what they want and the 5% commssion.

Suckers is right, anyone that attends these auctions thinking they’re getting some deal. Complete waste of time. Problem is too many fools are going for it. So expect to see more auctions by them for other complexes not selling so well.

[jpinpb]

I had my doubts about REDC, which is one of the reasons I didn’t attend. That and seems auctions always end up overpriced. They had the 5% fee and undisclosed reserve and right to cancel.

Too many fools attending, thinking they’re getting a deal. Stand by for more auctions in the future on other complexes that aren’t selling well.

[jpinpb]

I had my doubts about REDC, which is one of the reasons I didn’t attend. That and seems auctions always end up overpriced. They had the 5% fee and undisclosed reserve and right to cancel.

Too many fools attending, thinking they’re getting a deal. Stand by for more auctions in the future on other complexes that aren’t selling well.

[jpinpb]

I had my doubts about REDC, which is one of the reasons I didn’t attend. That and seems auctions always end up overpriced. They had the 5% fee and undisclosed reserve and right to cancel.

Too many fools attending, thinking they’re getting a deal. Stand by for more auctions in the future on other complexes that aren’t selling well.

[jpinpb]

I had my doubts about REDC, which is one of the reasons I didn’t attend. That and seems auctions always end up overpriced. They had the 5% fee and undisclosed reserve and right to cancel.

Too many fools attending, thinking they’re getting a deal. Stand by for more auctions in the future on other complexes that aren’t selling well.

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